Operations management is an area of management study which deals with the analysis, design and smooth execution of the business operations and takes care of all the operational related aspects like supply chain management, inventory management, time management, efficient execution etc. It also manages the production process that generates the output from different inputs.
In layman’s term, Operations Management is:
Managing overall Product or Service Management and is relevant and pertinent for all organizations
Managing all small activities which are involved in producing goods/products or providing services in the best possible way to avoid any deadlock or issues. Smooth operations are always desirable
Managing the end results as per stakeholder specifications or requirements. The end product or the service should meet the end users requirements
Managing the time and schedule of the entire process and Reducing time loss if any
Managing the organizations money and budget to lower cost and increase operating profit
Operations Management plan is created after the high level business plans and strategies are prepared to improve the business as well normal day to day processes. Operations Management is broadly divided into the 5 sections: